Cybersecurity tech company, CrowdStrike Holdings Inc., launched its IPO at $34 a share, way beyond the top end of its $28-30 range. The company is looking to raise about $700 million from the sale of 199.4 million shares, including the 18 million plus the option for another 2.7 million which it plans to offer underwriters Goldman Sachs, Barclays, Bank of America Merrill Lynch and JPMorgan. With the IPO price of $34 a share, CrowdStrike is set to be valued close to $7 billion and would be joining some of the other technology companies that have gone public this year.
According to the company’s filing with the SEC, the “Class A” shares offered by CrowdStrike would have one vote per share while insiders with access to “Class B” shares will be eligible for ten votes a share. The company said that, as of 31st January, it had 458 stockholders holding 178.7 million of the Class B shares.
CrowdStrike will be listed on the NASDAQ under the ticker symbol “CRWD” and plans to begin trading from Wednesday.